Cryptocurrency firm Bullish confidentially files for US IPO, FT reports

Key Points

  • Bullish, a Peter Thiel-backed crypto exchange and unit of Block.one, has confidentially filed for an IPO with the U.S. Securities and Exchange Commission, as reported by the Financial Times.
  • The company previously attempted to go public via a SPAC deal in 2021, but the plan failed in 2022 due to regulatory challenges and rising interest rates.
  • Bullish is looking to leverage renewed investor interest in digital assets under the Trump administration, which has adopted a more favorable stance on crypto regulation compared to the Biden administration.
  • This filing follows a similar confidential IPO filing by Gemini, another crypto exchange run by the Winklevoss twins, as disclosed last week.

Summary

Bullish, a cryptocurrency exchange backed by Peter Thiel and a subsidiary of blockchain software firm Block.one, has reportedly filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, according to the Financial Times. This move comes after a failed attempt to go public in 2021 through a special purpose acquisition company (SPAC) deal, which collapsed in 2022 amid a regulatory crackdown and rising interest rates that disrupted equity markets. The current Trump administration’s softer approach to crypto regulation, in contrast to the Biden administration’s stricter policies, has created a more favorable environment for the industry, with the SEC dropping several investigations. Bullish aims to capitalize on renewed investor enthusiasm for digital assets under this administration. The company did not immediately respond to Reuters’ request for comment, and the FT report could not be independently verified. Bullish’s filing follows a similar confidential IPO filing by Gemini, a crypto exchange operated by billionaire twins Tyler and Cameron Winklevoss, announced last week. This reflects a growing trend of crypto firms seeking to enter public markets amid evolving regulatory landscapes and market conditions.

yahoo
June 11, 2025
Crypto
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